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Insolvency and Bankruptcy Code, 2016 Syllabus, exam Pattern
Insolvency and Bankruptcy Code, 2016 Syllabus :The Insolvency and Bankruptcy Code (IBC), 2016
Part I: Preliminary (Sections 1–3)
Section 1 (Short title, extent, and commencement): Establishes that the Code applies to the whole of India and outlines the mechanism for its enforcement.
Section 2 (Application of the Code): Defines the entities covered under the Code: companies incorporated under the Companies Act, LLPs, other bodies incorporated under special acts, and personal guarantors to corporate debtors.
Section 3 (Definitions): Provides the legal dictionary for the Act, defining critical terms like "claim," "debt," "default," "financial creditor," and "operational creditor," which are essential for interpreting the rest of the law.
Part II: Insolvency Resolution & Liquidation (Corporate Persons)
Chapter I: Preliminary
Section 4: Sets the minimum threshold for default (currently ₹1 crore) for triggering insolvency proceedings against a corporate debtor.
Section 5: Contains specific definitions for Part II, such as "corporate applicant," "insolvency professional," and "resolution plan."
Chapter II: Corporate Insolvency Resolution Process (CIRP) [Sec 6–32]
Section 6–10: Defines who can initiate CIRP (Financial Creditors, Operational Creditors, or Corporate Applicants) and the application process.
Section 11: Persons not entitled to make an application (e.g., companies already undergoing liquidation).
Sec 12–14: Timelines (330 days) and the Moratorium (prohibiting suits/transfers during the process).
Sec 15–17: Public announcements and the management of the affairs by the Interim Resolution Professional (IRP).
Sec 18–20: Duties of the IRP, including collecting information and managing operations.
Sec 21–23: Constitution and meetings of the Committee of Creditors (CoC).
Sec 24–27: Appointment and replacement of the Resolution Professional (RP).
Sec 28–30: Approval of the resolution plan by the CoC.
Sec 31–32: Approval by the Adjudicating Authority (AA) and termination of the process.
Chapter III: Liquidation Process [Sec 33–54]
Sec 33–34: Initiation of liquidation and appointment of a liquidator.
Sec 35–37: Powers and duties of the liquidator; access to books.
Sec 38–42: Consolidation and verification of claims; appeals against the liquidator's decision.
Sec 43–51: Avoidance of certain transactions (preferential, undervalued, extortionate, or fraudulent).
Sec 52–53: The Waterfall Mechanism: Detailed priority for distributing proceeds (Insolvency costs → Secured creditors/Workmen → Employees → Financial debts → Government dues → Equity shareholders).
Sec 54: Dissolution of the corporate debtor.
Chapter IIIA: Pre-Packaged Insolvency [Sec 54A–54P]
Sec 54A: Eligibility for MSMEs (default of ₹10 lakh to ₹1 crore).
Sec 54C–54D: Application for initiation and the "debtor-in-possession" model.
Sec 54E–54F: Duties of the RP and the management during the process.
Sec 54K–54P: Approval of the plan, vesting of management, and termination.
Chapter IV: Fast Track CIRP [Sec 55–58]
Sec 55–56: Applicability for small companies/startups; 90-day completion mandate (plus 45-day extension).
Sec 57–58: Application of CIRP provisions to Fast Track processes.
Chapter IVA: Creditor-Initiated Insolvency [Sec 58A–58K]
Sec 58A–58K: Provides specific procedural pathways for creditors to trigger insolvency when specific financial default thresholds are met, often simplifying the initiation process for debt recovery.
Chapter V: Voluntary Liquidation [Sec 59]
Section 59: Allows a solvent company to self-liquidate if it has no debt, or can pay all debts in full from proceeds of assets. It involves a declaration of solvency by directors and a special resolution by shareholders.
Chapter VA: Group Insolvency [Sec 59A]
Section 59A: Framework (currently evolving) to handle cases where multiple entities within a corporate group enter insolvency simultaneously, allowing for a consolidated resolution plan.
Chapter VI: Adjudicating Authority [Sec 60–67]
Sec 60–61: The National Company Law Tribunal (NCLT) as the AA; appellate authority is the NCLAT.
Sec 62–64: Appeals to the Supreme Court; fast-track disposal by the AA.
Sec 65–67: Penalties for fraudulent/malicious initiation of insolvency; disciplinary action against professionals.
Chapter VII: Offences and Penalties [Sec 68–77]
Sec 68–71: Punishment for officers concealing property, destroying books, or falsifying information.
Sec 72–73: Penalties for misconduct by the corporate debtor during the process.
Sec 74: Punishment for contravention of the moratorium or the approved resolution plan.
Sec 75–76: Penalty for false information provided in the application.
Sec 77: Failure to report the winding-up/liquidation of the company.
Part III: Insolvency Resolution & Bankruptcy (Sections 78–187)
Chapter I: Preliminary (Sections 78–79)
Section 78: Defines the scope and applicability of Part III (Individuals and Partnership Firms).
Section 79: Provides crucial definitions (e.g., "bankrupt," "bankruptcy trustee," "debtor," "excluded debt," "relative," and "repayment plan") that govern the interpretation of this entire Part.
Chapter II: Fresh Start Process (Sections 80–93)
Section 80: Eligibility criteria for a debtor to apply for a "fresh start" (based on income, asset, and debt thresholds).
Section 81–83: Application filing, appointment of a Resolution Professional (RP), and the RP's examination of the application.
Section 84–85: Admission or rejection by the Adjudicating Authority (AA) and the resulting moratorium.
Section 86–93: Process for creditor objections, the RP’s report, and the final order (discharge or revocation).
Chapter III: Insolvency Resolution Process (Sections 94–120)
Section 94–95: Initiation of the process by the debtor or a creditor.
Section 96: Imposition of an interim-moratorium upon filing.
Section 97–99: Appointment/replacement of the RP and the RP's report to the AA.
Section 100–105: Admission/rejection of the application, formal moratorium, and the preparation of a list of creditors.
Section 106–115: Preparation, submission, and approval of a repayment plan by the creditors.
Section 116–120: Supervision, implementation, and completion of the repayment plan, leading to a discharge order.
Chapter IV: Bankruptcy Order (Sections 121–148)
Section 121–123: Filing for bankruptcy by the debtor or creditor.
Section 124–126: Effect of application and the issuance of a bankruptcy order by the AA.
Section 127–128: Legal validity and consequences of the bankruptcy order (e.g., cessation of the bankrupt's control over their estate).
Section 129–135: Statement of financial position, inviting claims from creditors, and conducting meetings of creditors.
Section 136–148: Administration of the bankrupt's estate, discharge of the bankrupt, disqualifications, and the role/fees of the bankruptcy trustee.
Chapter V: Administration and Distribution (Sections 149–178)
Section 149: Primary functions of the bankruptcy trustee (investigation, realization, and distribution of the estate).
Section 150–178: Detailed rules on the trustee's power to manage the "bankrupt estate," handling of surplus/deficit, and the final distribution of assets to creditors.
Chapter VI: Adjudicating Authority (Sections 179–183)
Section 179: Designates the Debt Recovery Tribunal (DRT) as the Adjudicating Authority for individuals and partnership firms.
Section 180–183: Powers of the DRT, appeals to the Debt Recovery Appellate Tribunal (DRAT), and the exclusion of the jurisdiction of civil courts.
Chapter VII: Offences and Penalties (Sections 184–187)
Section 184: Punishment for providing false information by a creditor.
Section 185: Punishment for general contravention of provisions.
Section 186: Penalties for concealment of property, falsification of books, or fraud by the bankrupt.
Section 187: Punishment for certain prohibited actions taken by a person who has been declared bankrupt.
Part IV: Regulation of Professionals, Agencies, and Utilities
Chapter I: The Insolvency and Bankruptcy Board of India (IBBI) [Sec 188–195]
Sec 188–189: Establishes the IBBI as the regulator for the insolvency profession and defines its composition (Chairperson, members from the Government, RBI, etc.).
Sec 190–191: Conditions of service, meeting procedures, and the vacancy clause.
Sec 192–195: Provisions for the appointment of officers and employees of the Board to assist in its functions.
Chapter II: Powers and Functions of the Board [Sec 196–198]
Sec 196: Grants the IBBI extensive powers: registering insolvency professionals (IPs), regulating Insolvency Professional Agencies (IPAs), and framing regulations for the insolvency process.
Sec 197–198: Outlines the IBBI’s obligation to provide a report to the Central Government and its general mandate to protect the interests of creditors.
Chapter III: Insolvency Professional Agencies (IPAs) [Sec 199–205]
Sec 199–200: Mandates that no person shall function as an IPA without a certificate of registration from the IBBI.
Sec 201–205: Defines the functions of IPAs, which include establishing professional standards, monitoring the performance of their members (IPs), and grievance redressal.
Chapter IV: Insolvency Professionals (IPs) [Sec 206–208]
Sec 206–207: Requires registration with the IBBI and mandates that IPs must be members of an IPA.
Sec 208: Defines the functions and obligations of an IP, including the duty to act in good faith, maintain records, and uphold the integrity of the insolvency process.
Chapter V: Information Utilities (IUs) [Sec 209–216]
Sec 209–210: Mandates the registration and regulation of Information Utilities, which store financial information to prevent fraudulent claims.
Sec 211–212: Duties of IUs, including the creation of a centralized electronic database.
Sec 213–216: Obligations of persons (financial creditors/debtors) to submit financial information and the access rights to this data.
Chapter VI: Inspection and Investigation [Sec 217–220]
Sec 217–219: Empowers the IBBI to receive complaints and conduct inspections or investigations into the conduct of IPs, IPAs, and IUs.
Sec 220: Establishes the disciplinary process, including the formation of a Disciplinary Committee to impose penalties or cancel registrations.
Chapter VII: Finance, Accounts, and Audit [Sec 221–223]
Sec 221–222: Deals with the constitution of the IBBI Fund (grants from the government, fees collected).
Sec 223: Mandates the maintenance of accounts and the annual audit of the IBBI by the Comptroller and Auditor General of India (CAG).
Part V: Miscellaneous [Sec 224–255]
This section provides the "machinery" to keep the law running and resolve conflicts.
Sec 224–226: Power of the Central Government to issue directions to the IBBI and the Board’s duty to report to the government.
Sec 227–230: Special provisions for the insolvency of Financial Service Providers (FSPs) (e.g., banks or non-banking finance companies).
Sec 231–232: Bars civil courts from jurisdiction over matters that the NCLT/DRT is empowered to determine.
Sec 233: Protection of action taken in good faith by public servants and the Board.
Sec 234–235: Agreements with foreign countries to resolve cross-border insolvency issues.
Sec 236–239: Trial of offences and procedures for framing regulations.
Sec 240–241: Power of the Central Government to make rules and the Board to make regulations.
Sec 242–252: Repeals existing acts (like the Sick Industrial Companies Act, 1985) and amendments to other existing laws (e.g., Companies Act, 2013).
Sec 253–255: Power of the Central Government to remove "difficulties" (e.g., unforeseen legal gaps) during the initial implementation of the Code.
Insolvency and Bankruptcy Code, 2016 Exam Pattern :
Duration : 120 Minutes
| Subject | No. of Question | Marks |
| Insolvency and Bankruptcy Code, 2016 | 100 | 100 |
| Total | 100 | 100 |
FAQs
Insolvency and Bankruptcy Code, 2016 Exam Syllabus Frequently Asked Questions (FAQ's)
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